At the regularly scheduled meeting of the Fire and Police Pension Fund Board of Directors held on the 7th day of January 2016, President Craig Joel presided. The meeting was held at the Pension Office, 6009 John Douglass Drive, Chattanooga, TN 37421.
The meeting convened at 0907 hours with board members Craig Joel, Kelly Simmons, Mark Coffman, Charlie Thomason, Tommy Meeks, and Less Lee. Attorney Bill Robinson was also present.
Motion by Less Lee and seconded by Tommy Meeks to approve the minutes of December 17, 2015 meeting. Motion carried unanimously.
Bill Robinson provided an update on the status of the current litigation. Mr. Robinson also discussed a pending Plan modification for purposes of obtaining an Internal Revenue Service Qualification Determination Letter under Internal Revenue Code requirements. Mr. Robinson explained that the IRS is now requiring governmental pensions to submit their plans for determination of tax-exempt status. The Board reviewed a proposed ordinance which is intended to bring the current pension legislation into compliance with IRS guidelines in order to be deemed a Qualified Plan for tax exempt purposes, as well as address minor housekeeping issues in the current legislation. The proposed amendment must be passed by the City Council and submitted to the IRS no later than January 31, 2016. Motion by Less Lee and seconded by Charlie Thomason to recommend that the City Council adopt the proposed Ordinance in substantially the form attached to the minutes. Motion carried with Kelly Simmons abstaining.
Board members expressed concerns that they would like to receive more advance notice of information to aid in decision-making on items presented to the Board for voting. Kelly Simmons said he would rather have had more time to review the proposed ordinance change. Mr. Robinson went through each section of the proposed ordinance and explained the meaning of each and pointed out that there is not anything unusual or controversial about the changes. They are necessary to satisfy the IRS that the Plan is being administered in accordance with Federal tax laws.
Motion by Mark Coffman and seconded by Tommy Meeks to approve the following membership items:
REMOVE FROM THE ROLLS:
Retired Master Patrol Officer Johnny V. Wright, effective 12/31/2015, died 12/23/2015 (2-411)
Billie Jean Fisher, surviving spouse and 100% J&S of Retired Fire Commander Thomas Fisher, effective 12/31/2015, died 12/22/2015 (2-411)
ADD TO THE ROLLS:
Master Patrol Officer Rhonda K. Darling, retiring with 27 years of service, reduced to a 25 year pension rate with a 28 months DROP, adjusted for 10-Yr Certain Option (Larriette Greene), effective 01/1/2016, participation date of 08/12/1988 (2-411, 2-418, 2-423)
Master Patrol Officer Charles H. Darling, retiring with 28 years of service, reduced to a 25 year pension rate with a 36 month DROP, effective 01/01/2016, participation date of 06/22/1987 (2-411, 2-423). Spouse at retirement is Janice Darling (2-411).
Mildred G. Wright, surviving spouse of Retired Police Officer Johnny V. Wright, effective 01/01/2016 (2-411)
REFUND CONTRIBUTIONS:
Former Police Officer Matthew A. Bond, terminated 12/31/2015, participation date of 6/1/2012 (2-413)
PAY DEATH BENEFITS:
Mildred G. Wright, designated beneficiary of Johnny V. Wright (2-411)
Motion carried unanimously.
Motion by Mark Coffman and seconded by Tommy Meeks to adjourn at 1020 hours. Motion carried unanimously.
Notes:
Board Advisory Committee meeting today immediately following Board meeting
